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Wed 3 Jan 2018, 09:00 GMT

Mixed news keeps oil in tight range


By A/S Global Risk Management.

Oil prices remained in a tight trading range on mixed news. The huge Forties pipeline as well as a Libyan pipeline have both restarted, but the geopolitical risk premium in Iran has increased heavily.

Along with the current unrest in Iran, the U.S. president has refused to certify the international accord on the nuclear deal. The president also continues to spur fears of an escalation of the ongoing nuclear dispute between the U.S. and North Korea.

The Forties Pipeline transports around 450,000 barrels per day of North Sea Brent oil and was closed due to a leak in mid-December. Now the force majeure has been lifted and is "fully operational", according to the operator.

Tonight the weekly oil stocks data from the American Petroleum Institute (API) is published; consensus is draw in crude oil stocks, builds in gasoline and distillates stocks. Tomorrow, the more-closely-followed report from the EIA is published.

Turning to economic data, today will see the U.S. central bank meeting minutes as well as ISM Manufacturing PMI from the U.S. published. Chinese Caixin Services PMI is released overnight. .

Lilac Cove vessel. Jiangnan delivers second LPG dual-fuel VLAC in series to Singapore’s EPS  

Lilac Cove, the world’s largest liquid ammonia carrier, joins Ivy Cove as Jiangnan advances its six-ship VLAC programme.
MSC Clelia X naming ceremony. MSC LNG dual-fuel container ship delivered almost a year early  

Chinese shipbuilder hands over sixth 10,300-TEU vessel in series to MSC ahead of contract schedule.
Icebreaking research vessel render. Steel cutting marks start of construction on dual-fuel icebreaking research vessel  

Hanwha Ocean begins building a dual-fuel LNG/MGO icebreaker for the Republic of Korea’s Ministry of Oceans and Fisheries, due for delivery in 2030.
Starnav Elektra vessel. Petrobras christens first vessel under Mar Aberto fleet renewal programme  

Platform supply vessel Starnav Elektra, built in Santa Catarina with an all-female crew, marks the first delivery under the fleet initiative.
KR and Hanwha Ocean sign MoU. KR and Hanwha Ocean agree to develop 18,000-cbm LNG bunkering vessel designs  

Pair will jointly explore two design concepts for a new LNG bunkering vessel.
J-ENG 6UEC35LSGH hydrogen-fuelled engine unveiling. Japan Engine completes land-based testing of landmark hydrogen-fuelled engine for large vessels  

Hydrogen co-firing rate of at least 95% achieved during factory testing.
Aerial view of tanker vessel at sea. Ethanol edges into shipping’s fuel mix as methanol crossover eases adoption barriers  

Rising interest from cargo owners, shared technology with methanol and Brazilian production growth push ethanol beyond regional niche status.
AiP award ceremony for multi-purpose fuel tank and FGSS design. ABS grants Hanwha Ocean approval for dual-fuel tank enabling LNG-to-ammonia switch  

In-principle approval awarded for fuel tank and supply system enabling LNG carriers to convert to ammonia without replacement.
Lloyd's Register issues Factual Statement (FS) for PureMetrics CEMS. Lloyd's Register confirms suitability of Daphne Technology's emissions monitoring system  

Factual Statement validates the PureMetrics design for monitoring greenhouse gas emissions from marine engines.
IMO building with national flags. IMO issues shipboard biofuel blend checklist developed by IBIA  

Checklist for FAME-based biofuels formally incorporated into IMO document, supporting crews handling biofuel blends for the first time.

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